{"id":442936,"date":"2022-05-06T18:14:46","date_gmt":"2022-05-06T15:14:46","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nvidia-to-pay-5-5m-as-part-of-sec-case-concerning-inadequate-disclosures-around-crypto-mining\/"},"modified":"2022-05-06T18:14:46","modified_gmt":"2022-05-06T15:14:46","slug":"nvidia-to-pay-5-5m-as-part-of-sec-case-concerning-inadequate-disclosures-around-crypto-mining","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nvidia-to-pay-5-5m-as-part-of-sec-case-concerning-inadequate-disclosures-around-crypto-mining\/","title":{"rendered":"# Nvidia to pay $5.5M as part of SEC case concerning &#8216;inadequate disclosures&#8217; around crypto mining"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a413649a83ec\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a413649a83ec\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/nvidia-to-pay-5-5m-as-part-of-sec-case-concerning-inadequate-disclosures-around-crypto-mining\/#%E2%80%9D_Nvidia_to_pay_55M_as_part_of_SEC_case_concerning_%E2%80%98inadequate_disclosures_around_crypto_mining_%E2%80%9C\" >&#8221; Nvidia to pay $5.5M as part of SEC case concerning &#8216;inadequate disclosures&#8217; around crypto mining &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Nvidia_to_pay_55M_as_part_of_SEC_case_concerning_%E2%80%98inadequate_disclosures_around_crypto_mining_%E2%80%9C\"><\/span>&#8221; Nvidia to pay $5.5M as part of SEC case concerning &#8216;inadequate disclosures&#8217; around crypto mining &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMzMyNmYxM2YtY2YzMC00NWZiLThkOTAtYjE0YzBiZDBkNWZkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The United States Securities and Exchange Commission, or SEC, has announced that it has settled charges against Nvidia \u2014 the company behind graphics cards used by many crypto miners \u2014 in regards to \u201cinadequate disclosures.\u201d<\/p>\n<p>In a Friday announcement, the SEC <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/news\/press-release\/2022-79-0\">said<\/a> that Nvidia failed to disclose that mining cryptocurrencies was \u201ca significant element of its material revenue growth\u201d based on sales of its graphics processing units, or GPUs, during the 2018 fiscal year. The company has agreed to pay a $5.5 million penalty and will be subject to a cease-and-desist order based on violations of the Securities Act of 1933 and disclosures required by the Securities Exchange Act of 1934.<\/p>\n<p>According to the SEC, Nvidia reported growth in revenue around its gaming business in 2018, but also had information attributing this rise to crypto mining. The firm was required to report the connection \u201crelated to a volatile business,\u201d and by not doing so was misleading investors by failing to disclose the demand for crypto mining.<\/p>\n<p>\u201cNVIDIA\u2019s disclosure failures deprived investors of critical information to evaluate the company\u2019s business in a key market,\u201d said Kristina Littman, chief of the Crypto Assets and Cyber Unit of the SEC&#8217;s Enforcement Division. \u201cAll issuers, including those that pursue opportunities involving emerging <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>, must ensure that their disclosures are timely, complete and accurate.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today we announced settled charges against NVIDIA Corporation for inadequate disclosures concerning the impact of cryptomining on the company\u2019s gaming business. <\/p>\n<p>For more:<\/p>\n<p>\u2014 U.S. Securities and Exchange Commission (@SECGov) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SECGov\/status\/1522573394700640256?ref_src=twsrc%5Etfw\">May 6, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nThe action from the SEC\u2019s crypto enforcement unit was the first since the government agency announced plans to expand its Cyber Unit \u2014 which includes the Crypto Assets Enforcement Division \u2014 by 20 people in an effort to better \u201cpolice wrongdoing in the crypto markets.\u201d The SEC reported in January that between 2013 and the end of 2021, it has brought 97 enforcement actions against participants in the digital asset marketplace, costing them roughly $2.35 billion in penalties.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto firms may still face SEC penalties for self-reporting securities laws violations: Report<\/em><\/strong><\/p>\n<p>Though Nvidia agreed to pay penalties and face enforcement actions in this SEC case, the firm has previously had success around similar allegations in civil court. In March 2021, a federal judge granted Nvidia\u2019s legal team\u2019s request to dismiss a lawsuit alleging the GPU manufacturer had acted with \u201cconscious recklessness\u201d in failing to disclose a significant amount of revenue from 2017 and 2018 came from crypto miner sales.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/nvidia-to-pay-5-5m-as-part-of-sec-case-concerning-inadequate-disclosures-around-crypto-mining\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Nvidia to pay $5.5M as part of SEC case concerning &#8216;inadequate disclosures&#8217; around crypto mining &#8220; The United States Securities and Exchange Commission, or SEC, has announced that it has settled charges against Nvidia \u2014 the company behind graphics cards used by many crypto miners \u2014 in regards to \u201cinadequate disclosures.\u201d In a Friday&#8230;<\/p>\n","protected":false},"author":1,"featured_media":442937,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMzMyNmYxM2YtY2YzMC00NWZiLThkOTAtYjE0YzBiZDBkNWZkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74989,75042,77134,74898,55229,70934,67874],"class_list":["post-442936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-mining","tag-mining","tag-nvidia","tag-sec","tag-law","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/442936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=442936"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/442936\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/442937"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=442936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=442936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=442936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}